Magellan Health Services Inc. (MGLN) Updates FY16 Earnings Guidance

Magellan Health Services Inc. (NASDAQ:MGLN) updated its FY16 earnings guidance on Wednesday. The company provided earnings per share guidance of $4.19-4.57 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.68. The company issued revenue guidance of $4.78-5.02 billion, compared to the consensus revenue estimate of $4.76 billion.

Several research analysts have recently weighed in on the company. Zacks Investment Research cut Magellan Health Services from a hold rating to a sell rating in a research note on Tuesday, October 4th. Jefferies Group restated a buy rating and issued a $76.00 price target (down previously from $86.00) on shares of Magellan Health Services in a research note on Monday, September 26th. Leerink Swann restated a hold rating on shares of Magellan Health Services in a research note on Friday, August 12th. Finally, TheStreet cut Magellan Health Services from a buy rating to a hold rating in a research note on Friday, August 19th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $71.33.

Shares of Magellan Health Services Inc. (NASDAQ:MGLN) opened at 64.65 on Friday. The company has a market cap of $1.59 billion, a price-to-earnings ratio of 43.98 and a beta of 0.48. Magellan Health Services Inc. has a one year low of $49.14 and a one year high of $72.31. The company has a 50 day moving average price of $53.92 and a 200 day moving average price of $61.09.

Magellan Health Services (NASDAQ:MGLN) last announced its earnings results on Wednesday, November 9th. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.72. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Magellan Health Services had a return on equity of 6.33% and a net margin of 0.77%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.76 EPS. Equities analysts predict that Magellan Health Services Inc. will post $2.38 EPS for the current year.

Several hedge funds have recently modified their holdings of MGLN. Allianz Asset Management AG acquired a new stake in shares of Magellan Health Services during the second quarter valued at approximately $1,261,000. Spark Investment Management LLC acquired a new stake in shares of Magellan Health Services during the second quarter valued at approximately $1,736,000. Thrivent Financial for Lutherans raised its stake in shares of Magellan Health Services by 1.0% in the second quarter. Thrivent Financial for Lutherans now owns 64,720 shares of the company’s stock valued at $4,256,000 after buying an additional 610 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Magellan Health Services by 6.9% in the second quarter. ProShare Advisors LLC now owns 4,527 shares of the company’s stock valued at $298,000 after buying an additional 293 shares in the last quarter. Finally, Profund Advisors LLC raised its stake in shares of Magellan Health Services by 3.6% in the second quarter. Profund Advisors LLC now owns 8,838 shares of the company’s stock valued at $581,000 after buying an additional 308 shares in the last quarter. Hedge funds and other institutional investors own 89.38% of the company’s stock.

About Magellan Health Services

Magellan Health, Inc is engaged in the healthcare management business. The Company’s segments include Healthcare, Pharmacy Management and Corporate. It is focused on managing special populations, complete pharmacy benefits and other specialty areas of healthcare. Its Healthcare includes its management of behavioral healthcare services and employee assistance program (EAP) services, management of other specialty areas, including diagnostic imaging and musculoskeletal management, and the integrated management of physical, behavioral and pharmaceutical healthcare for special populations, delivered through Magellan Complete Care (MCC).